The crisis evoked the criticism that political decision makers are driven by markets. As a result it seems that not parliaments but expert-institutions with limited accountability, but able to take swift and effective decisions, are the major driving forces for complex economic and financial issues. Against this backdrop the ‘old’ issue of market failure and adequate intervention is of crucial importance.
Sample of Pertinent Research Questions
- The ‘invisible hand’ of the markets versus ‘regulatory intervention’ or ‘Ordnungspolitik’ – an outdated issue?
- What role is there for the European Parliament and for national parliaments when it comes to economic decision making?
- Is there a trade-off between economic suitability and democracy?
- The relevance of (independent?) rating agencies and the economic impact of sovereign debt ratings
- Is there still room for constraining regulations of markets?
- Efficient Competition law – an illusion?